The global Smart Office Market size is anticipated to reach USD 57.05 billion by 2025. It is also expected to register 13.2% CAGR during the forecasted period, 2017 to 2025. This can be associated with the rapid developments being carried out in technologies like IoT coupled with an increasing need to develop energy-efficient devices for official usage.
The hardware component segment held the largest share across the global market in 2016 due to the development of several internet operated devices that can collect the real-time data of employees. While the service segment is projected to witness 15.0% CAGR from 2017 to 2025 on account of increasing deployment of cloud-based solutions.
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In 2016, the retrofit segment dominated the global market and is projected to continue its growth in the upcoming years on account of the rising need for installation of energy-saving technologies in these retrofit offices. On the other hand, the new construction segment is also anticipated to register substantial growth during the forecasted period, 2017 to 2025.
The smart offices market includes key players such as ABB Ltd.; Schneider Electric; Cisco Systems, Inc.; Honeywell International, Inc.; and Johnson Controls. They are implementing the latest technologies like IoT in their products to gain a competitive advantage over other players. Also, strategies like mergers and acquisitions are being undertaken by these players to widen their global reach.
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